Mobico, formerly National Express Group, has initiated the sale of its North American school bus division to tackle £1.2 billion debt, boosting share prices.
The company's chief executive, Ignacio Garat, emphasized that the sale is crucial for addressing borrowings and mentioned plans for further debt-reduction initiatives in the upcoming months.
Despite challenges like staff shortages and inflation affecting the North American bus operations, the division reported a significant 55% increase in adjusted operating profit this past half-year.
Mobico's share price surged by over 20% after the announcement, indicating market confidence in the strategic direction the company is taking to stabilize its finances.
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